Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Mirsad]

stamp $ over gox $ ?

what is next?

gox € over gox $ ?

stamp $ over stamp yen ?

We need to wait till US wakes up...
Need more bubble fuel -> big sells and funny rebound
Place your bids and asks, the next few days are going to be interesting.

[oda.krell]

That was my stop-loss for my small sells at avg at 635. I bought 1/2 back of that sell. Stamp.

Dude, I like your posts. Between admitting buying back in at a loss and saying (a few pages earlier) that absolute rules re: investing by taking a loan are useless, you make a lot of sense to me. /nohomo!ballsdidn'ttouch

[Richy_T]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

[Boxman90]

I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.

Imagine the utopian mass adoption that's being fed to the public.

Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households.
Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide.
Day has 24 hours, so that's 104166 transactions per hour
= 29 transactions per second

And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle.

You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions.

Hence why I'll always be bearish, even though it's a great market to profit from atm.

[Painful Truth]

Still with 7 transactions per second being the hard cap limit, I will always have a big bear in me telling me this will never grow out to compete with credit card companies. And also this issue can't be fixed.

You're wrong on more than one point. But I understand you're probably just trying to talk the price down, so cheers!

This!

http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/12/bitcoin-needs-to-scale-by-a-factor-of-1000-to-compete-with-visa-heres-how-to-do-it/


Boxman90, show some proof for your hard limit!  

[oda.krell]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Better analogy: when you're in a hole, get some explosives. They might blow you to pieces, but maybe real world physics = FPS engine physis and you can rocket jump out of that hole

seriously though, I don't see a difference in principle between not investing more than you can afford and not taking a loan higher than you can afford. If he knows he can repay the loan within tolerable living conditions in case his investment fails, it's not necessarily an irrational choice.

[de3mka]

Still with 7 transactions per second being the hard cap limit, I will always have a big bear in me telling me this will never grow out to compete with credit card companies. And also this issue can't be fixed.

better than having to wait three days for a stock trade to clear ...hmmm  

The utopian feature of bitcoin, on which the whole "unlimited growth" picture is based (deflationary currency), simply can't be realized. With 7 transactions per second, Bitcoin can NEVER be used as a full-grown global currency for day-to-day transactions. Once the general public fully understands the implications of a 7 tps limit, this will ignite the first cracks in the giant bubble we've been in since 2011.

Doesn't mean I can't make profits on this tremendous volatility though. Daytraders heaven, we are in now.

https://en.bitcoin.it/wiki/Scalability

the limit 7tps is set to spare resources on client nodes (CPU/Bandwidth/Memory) since the average amount of tx today is somewhere around 1. The methods exist (see link above) to address all scalability issues in case it is needed. Theoretically Bitcoin can process even more tx per second than VISA with all optimizations implemented.

[CryptStorm]

Still with 7 transactions per second being the hard cap limit, I will always have a big bear in me telling me this will never grow out to compete with credit card companies. And also this issue can't be fixed.

You're wrong on more than one point. But I understand you're probably just trying to talk the price down, so cheers!

This!

http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/12/bitcoin-needs-to-scale-by-a-factor-of-1000-to-compete-with-visa-heres-how-to-do-it/


Boxman90, show some proof for your hard limit!  

I just hope that no one, like Boxman90, realizes that the whole thing's a big scam Ponzi scheme run by the Winkliluminati. Geez that would suck... (eats lead Feathercoin)

[CryptStorm]

Is this a massive breakout trying to happen? Anyone?

[gandhibt]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Maybe you can do a 180 curve while digging and get out of that hole.

[BitThink]

I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.

Imagine the utopian mass adoption that's being fed to the public.

Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households.
Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide.
Day has 24 hours, so that's 104166 transactions per hour
= 29 transactions per second

And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle.

You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions.

Hence why I'll always be bearish, even though it's a great market to profit from atm.

Just like not all the transactions are using cash, majority transactions will not use in blockchain transaction then. There will be many bitcoin banks (yes although seems ironic, but I am sure there will be a lot) to provide out-chain transactions. There will even be BTC credit cards and debit cards, etc...

Moreover, the 7 per second limit will be increased certainly that time.

[gandhibt]

That was my stop-loss for my small sells at avg at 635. I bought 1/2 back of that sell. Stamp.

Dude, I like your posts. Between admitting buying back in at a loss and saying (a few pages earlier) that absolute rules re: investing by taking a loan are useless, you make a lot of sense to me. /nohomo!ballsdidn'ttouch

ty dude

[lebing]

Is this a massive breakout trying to happen? Anyone?

Sure looks like it to me. I thought it would take another few days, if that drop down to 375 was merely a correction... mother of god.

[Richy_T]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Better analogy: when you're in a hole, get some explosives. They might blow you to pieces, but maybe real world physics = FPS engine physis and you can rocket jump out of that hole

seriously though, I don't see a difference in principle between not investing more than you can afford and not taking a loan higher than you can afford. If he knows he can repay the loan within tolerable living conditions in case his investment fails, it's not necessarily an irrational choice.

It's not necessarily a bad choice but nobody in debt hell started out with the intention of being there. And if you're in debt hell, you probably aren't smart enough in the right fields to be making the kind of investments that will leave you even worse off if they fail.

In this case, it's probably not such a big deal either way. I'd always recommend against debt though where possible.

[Rampion]

I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.

Imagine the utopian mass adoption that's being fed to the public.

Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households.
Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide.
Day has 24 hours, so that's 104166 transactions per hour
= 29 transactions per second

And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle.

You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions.

Hence why I'll always be bearish, even though it's a great market to profit from atm.

Nonsense. Only a retard would think that a block-chain based currency is efficient for day-by-day purchases as grocery shopping.

As warchwoord said 1MB max block hard limit was placed BY DESIGN. The point of BTC is the universal ledger and the possibility for everyone to run a full node. It's meant to be a safe and decentralized way to store and transfer value (among other things), not to be a micro payment network competing with Visa or PayPal.

99% of BTC economy is driven by investors and speculators, what makes you think that it has to change at some point? You don't buy groceries with gold neither.

[gandhibt]

Is this a massive breakout trying to happen? Anyone?

Sure looks like it to me. I thought it would take another few days, if that drop down to 375 was merely a correction... mother of god.

i think this fast recovery surprised a lot of bitcoiners, sure it can be a bull trap still, but seems like we are heading to the stars

[Taxidermista]

a house is not fiat.

housing prices only ever go up. mostly, expect in america the land of bubbles

Or in China...

Or in Spain, or in Ireland, or in Argentina, or in every fucking country in the world.

[Richy_T]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Maybe you can do a 180 curve while digging and get out of that hole.

This is why so many poor people buy lottery tickets...

[Boxman90]

99% of BTC economy is driven by investors and speculators, what makes you think that it has to change at some point? You don't buy groceries with gold neither.

That is exactly my point as to why it would never be a CURRENCY in this format. Remember that this is the picture that is being fed to the general public, and they will invest based on this assumption. It took me weeks if not months of research to get a clear picture of what BTC is and how it is used - do not expect the general public to do the same right from the start. They will do that when the bubble starts to properly pop.

[adamstgBit]

price held up while i was sleeping

its going to 3000$ boys,  and it won't stop there... sell your gold!